Wed, 11 Apr 2012: Lithuanians scuttle over the border for cheaper Polish goods…

“My uncle talked me into going with him to Suwalki for shopping. Before the trip, I hadn’t ever given a thought to how much cheaper shopping in Poland could be,” he said to a loc...

Wed, 6 Apr 2011: Banks speed up balance sheet cleanup…

This amount made up 13 percent of banks’ total net loan portfolio at end-2009. In 2010, Swedbank and its subsidiaries wrote off loans with a face value of 147 million lats, and 47.9 millio...

Wed, 23 Mar 2011: Lithuania prepares for euro…

One of them is the pact for the euro, which strengthens the responsibility of the EU member states for the implementation of economic reforms and financial discipline. “The government of Li...

Thu, 27 Jan 2011: Banking results improve…

The banking sector’s profit before provisions and taxes was 143.5 million lats last year - 55.4 percent less than in 2009. All Latvian bank operating indexes last December were in line wit...

Wed, 30 Jun 2010: Bad loans keep banks in red…

In April, such provisions had increased 2.3 percent, or 35.4 million lats, to 10.6 percent of the banks’ total loan portfolio. By the end of May, the share of delinquent loans with loan pay...

Wed, 19 May 2010: State to wait for payoff…

The sum of the loans is not specified in the agreement; however, according to the provisions, part of this money will immediately return to Parex. As previously reported, Rietumu bank and Parex h...

Wed, 17 Mar 2010: Snoras moves to fill lending gap…

Bankruptcies, falling real-estate prices, rising unemployment and wage cuts are increasing overdue loans and loss provisions. Snoras’s loan portfolio grew in the first two months, said St...

Wed, 5 Aug 2009: Banks have built strong cushion to weather the storm…

"I think it's likely that loan losses are remarkably smaller than the provisions the banks are showing," says emeritus professor and former chairperson of the Estonian Central Bank Mart Sorg. "Th...

Thu, 28 May 2009: Involvement of employees in employer’s decision-making…

When planning such changes, an employer must comply with effective provisions and its obligations to inform workers on such changes. The Labor Law of Latvia contains several provisions applicab...

Thu, 7 May 2009: Lithuanian banks hit hard…

The application will be filed within the next few days," SEB said a statement. SEB's Lithuanian arm posted a large reduction in profits at 16.2 million litas, down from 93.9 million litas a year e...

Wed, 25 Mar 2009: Taking Counsel: Relationship between the arbitration agreement and the a…

Disputes arising between a private business entity, on the one hand, and a public institution or a state or municipal enterprise (hereinafter Public Establishment), on the other hand, also be reso...

Wed, 4 Feb 2009: Taking Counsel: Changes to the Commercial Law…

The amendments to the Commercial Law provide that if a transaction is a commercial transaction for any of the parties, then it is deemed to be a commercial transaction under the Commercial Law f...

Wed, 28 Jan 2009: Rimsevics: Latvia could still adopt euro in 2012 …

"The risks that built up during the years of steep growth through inadequate fiscal policies and the failure to create provisions for the times of slower economic development have started to real...

Thu, 9 Oct 2008: Taking Counsel: New, more effective bankruptcy procedure in effect …

Pursuant to the former provisions, the creditor was supposed to wait for three months after the obligations fall due before suing the debtor. Currently, the 30-day term for noticing the debtor reg...

Wed, 23 Jul 2008: ‘Chaos’ over power plant company…

However, with the management company the situation will be quite different, the stakes will be dependent on the environment impact assessment," Kirkilas said. "The ministers of Latvia, Estonia an...

Wed, 9 Jul 2008: Lithuania developing nuclear plant partnership…

All parties have put forward their proposals, which the task group will enter in a future agreement between the partners," said Leo LT chairman Rymantas Juozaitis. Leo LT, the management vehicle...

Thu, 22 May 2008: Taking Counsel: Rental of commercial premises: what should be considered…

In order to adhere to the agreement and reduce possibilities of disputes, it is worthwhile negotiating other provisions typical of rental agreements. Here we provide an overview of some basic "ren...

Wed, 23 Apr 2008: Taking counsel: Legal status of EU foreigners: easier, or more difficult…

However, Parliament didn't do this. Even today the migration department's Web site maintains that EU citizens are still issued EC residence permits, despite the fact that the law abolishing this o...

Wed, 19 Dec 2007: State, private energy firm keeping mum after finishing merger talks …

16 after a 12-hour session. Economy Minister Vytas Navickas said that the final agreement, which the ministry was to submit to the government for approval, would likely be reached on Dec. 18. "B...

Wed, 21 Nov 2007: Adamkus signs ‘fiscal discipline’ bill…

I hope that provisions of the Law on Fiscal Discipline will be taken into consideration during the discussion of the 2008 budget at the parliament and ungrounded increase of the spending will be p...

Wed, 7 Nov 2007: TALKING TAX - How unavoidable are the anti-avoidance provisions?…

Now, in addition to those rules the anti-avoidance provisions extend the application of the above withholdings also to the sale of shares in a company that in the year of sale or the previous ye...

Wed, 7 Nov 2007: Lattelecom buyout put on hold…

private equity investor The Blackstone Group become the key owner of the company. Justice Minister and acting Economy Minister Gaidis Berzins said that the Latvian government does not plan to dis...

Wed, 24 Oct 2007: Your last fish and chips?…

She also says that the reduction would affect legal fishing fleets, instead of the illegal ones, and that as a tool for curbing illegal fishing, the plan is insufficiently and unconvincingly prese...
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